Section 53 of GST – Transfer of input tax credit. Check GST Section 53 In this section you may find all details for Transfer of input tax credit as per GST Act 2017. We Provide Complete Details for All GST Section’s and In this article you may find all details for GST Section 53. Check Section Wise Analysis of GST Act 2017, Chapter Wise Analysis of GST All Sections. in this article you may find complete details regarding Section 53 of GST Act 2017 – Transfer of input tax credit, gst all sections and definitions. Now Check more details from below…..
Section 53 of GST – Transfer of input tax credit
On utilisation of input tax credit availed under this Act for payment of tax dues under the Integrated Goods and Services Tax Act in accordance with the provisions of sub-section (5) of section 49, as reflected in the valid return furnished under sub-section (1) of section 39, the amount collected as central tax shall stand reduced by an amount equal to such credit so utilised and the Central Government shall transfer an amount equal to the amount so reduced from the central tax account to the integrated tax account in such manner and within such time as may be prescribed.